zdl_cryptofandomcom-20200214-history
Set
Basics * Fka Set Protocol, now known as Set Labs * San Fransisco based * As of 9-2019 had $2.2M in total value locked (TVL) * Created in 11-2017, had their mainnet beta launch shortly after their $2M seed round in 3-2018 and a public release in 5-2019. * Set Protocol currently does not charge any fees for buying and selling new Sets (9-2019) * From Token Tuesdays (11-9-2019): "For those unfamiliar with asset management tools, platforms like Set Protocol can be used to construct and exchange complex financial instruments such as market indices, index funds, or ETFs. As it relates to the average trader, think of Set Protocol as a tool to automate algorithmic trading strategies by buying a single ERC20 token." No Token * From Token Tuesdays (11-9-2019): "Set Protocol does not currently utilize an overarching token for work on the network. Instead, each trading strategy is represented as unique ERC20 tokens (called Sets) that are fully collateralized by the underlying assets of a particular portfolio. Each Set is weighed with respect to the percentages coded in the creation of the smart contract. As it stands today, most TokenSets support a handful of digital assets including Ether (in the form of wrapped ether or WETH), US Dollar Coin (USDC), Dai (DAI), and wrapped Bitcoin (WBTC). We can expect that as the protocol continues to mature, the core team will support other digital assets in the near future." Tech * "A Set is a digital asset (ERC-20) that represents a fully collateralized portfolio of other assets including Bitcoin (WBTC), Ethereum (WETH), and fiat-pegged coins (DAI). Sets automatically rebalance to make executing any portfolio strategy (e.g. range bound trading) simple by holding a single asset. Using Sets abstracts the need to manually manage multiple assets and rebalance your portfolio." * Who custodies the Sets and their collateral? "Set Tokens - Your Wallet Sets that you obtain through TokenSets are held in your own wallet. Since Sets are ERC-20 tokens, you can move them to any other wallet that supports ERC-20 tokens, such as if you want to hold them in an Ethereum address you use for cold storage. All transactions that move your funds must be confirmed by your account and are verifiable on the Ethereum blockchain. Underlying Collateral Tokens - The Vault Smart Contract The underlying collateral tokens that back each Set are held inside of the Set Protocol vault contract. The Set team does not have access to your funds when it is inside of the vault contract. Only you have access to your funds in the Set Protocol through your your Ethereum wallet." Rebalancing * From Token Tuesdays (11-9-2019): "For a Set to rebalance, there must be price changes in the Set’s token components as well as the passing of a predefined window of time. When the Set rebalances, a modified dutch auction begins where traders can submit bids to swap new components for old components. The price becomes more favorable for traders as the auction goes on, ensuring that the rebalancing reaches completion. Dutch auctions minimize the amount of slippage occurred during rebalances, especially during high volume transactions where order books are thin on decentralized exchanges (DEXs), such as Kyber." Social Trading * From Our Network #6 (30-1-2020): "Set launched their new social trading and managed to secure over $700k on launch." Usage * From their blog (8-2-2020): "The Set Protocol Vault exploded in growth and passed it’s all time high in January growing from $1.6 million to $3.4 million thanks to more favorable market conditions and the launch of Set Social Trading. Set Protocol’s unique addresses had an explosive period of growth in January increasing from 1580 to 2418 addresses thanks to increased coverage of TokenSets in the media and the launch of Set Social Trading." Team, investors, Partnerships'' Team * Anthony Sassano; Product Marketing Manager Investors * From Token Tuesdays (11-9-2019): "''In March of 2018, Set Labs raised a $2M seed round led by David Sacks’ Craft Ventures with participation from Vy Capital, DFJ, Kindred Ventures, Haystack Ventures and Social Capital amongst other venture capital firms and angel investors." Partners * Member of the DeFi Network * Part of the WBTC community * "[https://medium.com/@DEXTF/strategic-partnership-set-labs-x-dextf-protocol-77c5c23a63c8 Formed a partnership]'' (30-1-2020) with DEXTF in January that focuses on building the next-gen asset management infrastructure which tweaks some of the traditional relationships between the actors in the asset management industry, as we know them today, and the role of custody."'' Category:Companies/Organisations